Another big blow to Pakistan’s economy was the Pakistani rupee on Wednesday dropped to another all-time of Rs226 against the US dollar.
The main reason is that the international credit rating agency downgraded the outlook of the South Asian country to negative from stable. The new rate had climbed by Rs4.01 from yesterday’s close of Rs221.99 to a dollar, a record high. It is the highest single-day depreciation in over three years.
The local currency has witnessed a decrease of Rs49.25 in its value since January and we can expect more in the future.
